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European Shares Set for Weak Start on Bank Woes

European shares looked set to open a touch lower on Monday with financial industry woes back in the spotlight after credit rating agency Standard & Poor's said it might downgrade U.S. mortgage lenders Fannie Mae and Freddie Mac .

Financial spreadbetters in London see Britain's FTSE 100 opening between 4 and 7 points lower, Germany's DAX 15 to 17 points lower and the French CAC 40 13 to 18 points lower.

European companies scheduled to report results include Spanish bank BBVA, French property group Klepierre, UK household and personal care product company Reckitt Benckiser, Dutch mail company TNT NV and budget carrier Ryanair.

The highlight of the day's thin economic indicator diary is the GfK consumer confidence survey in Germany, Europe's biggest economy.